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Analysis Of National Income Trend Since 1950 And Inflexion Points

829 words - 4 pages

Macroeconomics – Case 1.3
1 Analysis of National Income Trend since 1951
Rate of Change of National Income
12% 10% 8% 6% 4%

2%
0% -2% -4% -6% Rate of Change of National Income

1951-1965: Post independence the country was wrought with economic stagnation and extreme poverty, as a result this phase witnessed rapid industrialization. While the agricultural sector contributed more than 50% to the GDP, the consumer goods industry were completely neglected. As a result the growth rate kept fluctuating during this period.

1966-80: During this period, India’s economic growth can be characterized by one word – “volatile”. The 1971 war with Pakistan, successive changes In Government in ...view middle of the document...

Rate of Growth
60 50 40 30 20 10 0 5.42% 8.10% 4.51% 7.56% 3.99% 4.12% 9.46% 8.05% 9.75% 6.54% 8.78% 12% 10% 8% 6.44% 6% 4% 2% 0%

1.39%

National Income at 2004-05 prices

Rate of Growth

1991-92: Balance of Payment Crisis –The gross fiscal deficit rose from 6.1% of GDP in 1980-81 to 8.3% in 1985-86 and 8.4% in 1990-91. Since these deficits had to be met by borrowings, internal debt of the government accumulated rapidly rising from, 35% of GDP at 1980-81 to 53% of GDP at the end of 1990-91. 1992-97: Abolition of License Raj – As a result of the 1991 crisis, India had only 2 weeks of dollars left. In return for an IMF bailout, gold bullion was transferred to London as collateral. The rupee devalued and economic reforms were forced upon India wherein, licensing regulations were reduced, tariffs were reduced along with duties and taxes and the economy was opened up to International trade & investment. As a part of broader strategy of macroeconomic reforms and liberalization in 1990’s India’s exchange rate policy has shifted from par value system, to double exchange rate system (1992) and further to unified managed float exchange rate system (1993). 2001-04: Dot-Com & Endemic Crisis – Stock market bubble fueled by the rise of the internet and the technology industry. The bubble was caused by the growth of internet users and investors poured in money to finance startup internet based companies without any caution as to whether these companies...

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